11th Circ. Says Insurer Still Has To Cover $1.7M Transfer Fraud
Law360 (December 9, 2019, 5:36 PM EST) -- The Eleventh Circuit on Monday affirmed a Georgia federal court's decision that Ironshore Indemnity Co. must cover an information technology company’s $1.7 million loss in an email-based theft scheme.
In a 2-1 opinion, a panel of the appellate court agreed with the lower court that IT company Principle Solutions Group LLC suffered a covered loss under its “commercial crime” policy with Ironshore when one of its employees was duped into wiring funds to an overseas bank account by a fraudster posing as Principle executive Josh Nazarian in emails.
Ironshore had rejected Principle's claim, saying a policy provision extending coverage for losses...
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